Almost 40% Of Landlords Will Check Your Credit Before Leasing Property

According to a new study by the credit bureau TransUnion, 43% of landlords will do a credit check as part of the leasing process. Other key statistics included:

• 48% of those using credit checks said that they were in the top three most important factors in a leasing decision
• 69% of renters said they had no intention of purchasing property in the next four years

The data was based on surveys with 1,902 landlords and 2,097 current renters and deemed to be 95% statistically significant.

I was surprised that the numbers were as high as TransUnion reported, although it’s important to remember that this data might be skewed as TransUnion has an interest in having more landlords using credit checks. They also have an interest in individuals using their mysmartmove program so these figures should be taken with a grain of salt as it’s not clear how they selected the participants.

That said these stats just go to show how important it is to make sure that the data found in your credit reports is accurate, which is why bills such as the SECURE act are so important. If you haven’t already, make sure you send your representative a letter urging them to support it. We also suggest reading our six simple steps to improving your credit.